Maryland Biotechnology Center Opens Applications for Up to $200K in Individual Awards
The Maryland Biotechnology Center, an office of the Maryland Department of Business and Economic Development, opened the application process for its FY 2013 biotechnology development awards. Since 2010, the program has made nearly two dozen awards totaling $4.5 million to Maryland companies. The deadline to apply for the awards that range from $50,000 to $200,000 is October 17 and applications are available online here.
“Though we’re just entering the third year of our awards program, it already has enabled organizations to begin translating their research to reality,” said Dr. Judith Britz, Executive Director of the Maryland Biotechnology Center. “Because of our award, companies like Telcare are partnering with industry leaders like QualComm and are able to attract significantly larger private investments.”
In 2011, Bethesda-based Telcare, Inc. used the state’s $200,000 biotechnology development award to refine the prototype of its initial product, TelcareBGM – the first cellular glucose monitoring system for people with diabetes.
“The funding we received from this award played a critical role in optimizing the cost and performance of the Telcare BGM® which significantly contributed to attracting the $25 million of growth capital Telcare recently secured.” said John R. Dwyer, Jr., Chairman of Telcare, Inc. The Telcare platform was launched at the beginning of this year and is being implemented by health insurers and employers who currently care for more than 1 million diabetes patients.
Since winning the state’s award, Telcare, Inc. has expanded its team from 5 to 20 employees. The $25 million in equity funding the company secured last month helped to realize its vision of becoming the global leader in wireless health solutions for people with chronic illnesses.
ABOUT MARYLAND BIOTECHNOLOGY CENTER:
The Maryland Biotechnology Center, an office within Maryland’s Department of Business and Economic Development, connects biotechnology companies, academic and federal researchers with each other and with potential capital sources, partners, and clients. The Center promotes the state’s biotechnology industry domestically and abroad and also provides business plan assistance, market research databases, site selection information, and other resources. More information regarding the Biotechnology Development Awards program and other resources is available on the center’s web site.www.marylandbiocenter.org
The Maryland Department of Business and Economic Development stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing workforce training and financial assistance to Maryland companies. The Department promotes the State's many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism. For more information, visit www.ChooseMaryland.org.
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